Facebook said that it is open to many alternatives for its Libra currency project, and that one of them could link the digital currency to national currencies, such as the US dollar, Reuters said, citing statements from David Marcus, head of the project, at a banking seminar. “We could do it differently,” he said. “Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc,” Marcus told the panel, adding that the project needed to demonstrate a lot of agility.
The Libra Association recently named its board of directors and said it will push on with development, despite earlier losing a number of members, mainly payment processors/ Policymakers and regulators worry that creating a new synthetic global currency could threaten the global financial system and user privacy, and facilitate money laundering.
A group of 20 finance leaders agreed on 18 October to set strict regulations on cryptocurrencies and said such stablecoins should not be issued until various global risks were addressed. Marcus told Reuters that Facebook was still aiming for a June 2020 launch of Libra, but acknowledged the date may be postponed on the back of regulatory hurdles.
